But who exactly is looking (and what are they looking for)?\u00a0<\/span>\u00a0<\/span><\/p>\n According to <\/span>Point2<\/span><\/a>\u2019s latest data, young Canadians are hungrier than ever for houses.\u00a0<\/span>\u00a0<\/span><\/p>\n Specifically \u2013 it’s a young millennial using a smartphone to search for houses online \u2013 preferably something with more than 1,000 square feet with 2-3 bedrooms and bathrooms, for a modest price of $200,000 to $300,000.\u00a0<\/span>\u00a0<\/span><\/p>\n Maybe you know one of these people. Maybe you are one of these people. Either way, they make up over 63.51 per cent of prospective homebuyers these days, and one thing is certain \u2013 they\u2019re not looking to buy at the top.<\/span>\u00a0<\/span><\/p>\n Young Millennials of all genders are motivated by a need for stability<\/span><\/b>\u00a0<\/span><\/p>\n In 2016, the average profile for a Canadian homebuyer was a millennial woman looking for a 3+ bedroom house priced between $300,000 and $400,000. Today it\u2019s a little different.\u00a0<\/span>\u00a0<\/span><\/p>\n Young millennials (age 25-34) made up 23.57 per cent of online home searches. Older millennials (age 35-44) made up 20.39 per cent. While larger homes are still the goal for young people, online home searches were evenly split between women (50.7 per cent) and men (49.3 per cent).<\/span>\u00a0<\/span><\/p>\n Young Canadian homebuyers are a mixed bag of socioeconomic backgrounds with different needs and goals, but one thing unites them all \u2013 the need for stability.\u00a0<\/span>\u00a0<\/span><\/p>\n People in their late 20s to mid 30s are thought to be motivated by a need for stability after getting married or breaking into their careers. Most are first-time buyers with an income bracket that reflects their position at the start of a career.\u00a0<\/span>\u00a0<\/span><\/p>\n Their slightly older counterparts between the ages of 35 to 44 are usually repeat buyers looking for an upgrade or more space to accommodate a growing family.<\/span>\u00a0<\/span><\/p>\n The majority of Canadians between 55 to 64 years old weren\u2019t looking to move any time soon, and only made up 14 per cent of home searches this year. Canadians over the age of 65 made up close to 10 per cent of searches. Home-seekers within both age brackets were mostly interested in downsizing or relocating to be closer to their families.\u00a0<\/span>\u00a0<\/span><\/p>\n Canadians want homes at a lower price than the market is offering<\/span><\/b>\u00a0<\/span><\/p>\n With budgets tightening and inflation rising, Canadians are looking for a deal wherever they can find one.\u00a0<\/span>\u00a0<\/span><\/p>\n More than 75 per cent of online searches targeted homes listed below the national average of $640,000. The most popular price range was between $200,000 and $300,000 \u2013 just under half the national average. Second most popular was the $300,000 to $400,000 range.\u00a0<\/span>\u00a0<\/span><\/p>\n Prices this low are a dream in many cities, and even when a listing falls within that price range \u2013 the accommodations won\u2019t be sweet. A $300,000 price tag doesn\u2019t even cover 500 square feet in most major cities.\u00a0<\/span>\u00a0<\/span><\/p>\n So, what does this say about Canadian homebuyers?\u00a0<\/span><\/b>\u00a0<\/span><\/p>\n They\u2019re looking for a deal \u2013 but there seems to be a disparity between perceptions of affordability and the reality of today\u2019s housing market.\u00a0<\/span>\u00a0<\/span><\/p>\n Nationwide, 62.26 per cent of this year\u2019s home-seekers targeted houses, showing a preference for homes with more than three bedrooms and at least two bathrooms – condos and apartments have fallen out of favour with the majority of home-seekers<\/span>\u00a0<\/span><\/p>\n While the majority of prospective buyers were looking for a home under half the median price, that doesn\u2019t necessarily mean they\u2019re willing to downsize. Over 65 per cent of searches were aimed at homes between 1,000 and 2,000 square feet \u2013 an even rarer product on today\u2019s market.\u00a0<\/span>\u00a0<\/span><\/p>\n Canadians who can\u2019t find what they\u2019re looking for on the pre-owned market are showing more interest into building their dream home themselves. Land searches on Point2 reached 23.42 per cent this year, revealing an increased intent to build a home if all else fails. Anyone looking for floorplans could visit our sister site <\/span>houseplans.com<\/span><\/a>.<\/span>\u00a0<\/span><\/p>\n Condo searches represented only 14.37 per cent of nation-wide searches, making houses (or the dream of building one) the most popular search item for prospective buyers.<\/span>\u00a0<\/span><\/p>\n Here\u2019s what $300,000 would buy you in five Canadian cities:<\/span>\u00a0<\/span><\/p>\n Toronto<\/strong><\/p>\n Unfortunately, $300,000 won\u2019t get you a home in Toronto right now. <\/span>But <\/span>for around $200,000<\/span>, <\/span>you can buy<\/span> a houseboat.<\/span><\/span>\u00a0<\/span><\/p>\n Realtor.ca listing for E-39 -7 Brimley Road S<\/a><\/p><\/div>\n Montreal\u00a0<\/span><\/b>\u00a0<\/span><\/p>\n Single-family homes under $300,000 are a rarity in Montreal, but\u00a0sometimes you can find one or two.<\/span><\/p>\n Realtor.ca listing for 7217 Boul. Gouin E.<\/a><\/p><\/div>\n Condos and townhomes tend to be more popula<\/span>r in Montreal\u2019s city centre, and there\u2019s a few new buildings under construction with units in th<\/span>e $300,000<\/span> price range.<\/span><\/span>\u00a0<\/span><\/p>\n BuzzBuzzHome has condos in Les Cours Bellerive<\/a> – Phase 2 listed between $282K and $395K<\/p><\/div>\n Halifax<\/span><\/b>\u00a0<\/span><\/p>\n Halifax comes a little closer to meeting most of the requirements the average Canadian homebuyer is looking for. Single-family homes can be found on the market for as low as $139,900.<\/span>\u00a0<\/span><\/p>\n Realtor.ca listing for 66 Douglas Road<\/a><\/p><\/div>\n Calgary<\/span><\/b>\u00a0<\/span><\/p>\n Calgary is one of the more affordable Canadian markets \u2013 but $300,000 doesn\u2019t get you very far here, either. For that price, expect to get around 815 square feet of home.<\/span>\u00a0<\/span><\/p>\n Sometimes there are rare listings of single-family homes that fit the budget, like this one:\u00a0<\/span>\u00a0<\/span><\/p>\n Realtor.ca listing for 29 Erin Woods Circle SE<\/a><\/p><\/div>\n But you\u2019re better off with a condo <\/span>or townhouse <\/span>if you\u2019re not willing to expand your price point.<\/span><\/span>\u00a0<\/span><\/p>\n![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/11\/e5721192_1-e1668784617224.jpeg\")
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